$TMCI setting up potential bull flag breakout?

$TMCI setting up potential bull flag breakout?


October 2022


Alex Cole

$TMCI in max GoNoGo Squeeze while in "Go" trend.

After a nice move that has seen price hit a high in mid September, we saw a Go Countertrend Correction Icon (red arrow) indicating that in the short term price might struggle to go higher.  A correction did follow and the trend weakened painting mostly aqua "Go" bars.  This correction against the trend has taken the shape of a channel, or "flag" and GoNoGo Oscillator fell to test the zero line halfway through the pattern.  It remained at that level, riding the zero line as reduced price volatility was the result of no directional momentum.  We will watch to see if this Squeeze is broken to the upside, which could give price the strength it needs to break out of bull flag to test prior highs.